U.S. Crude Oil Stockpiles Rise for Seventh Straight Week
According to data released Wednesday by the U.S. Energy Information Administration (EIA), commercial crude oil inventories in the United States increased for a seventh consecutive week. Stocks excluding the Strategic Petroleum Reserve rose by 3.1 million barrels to reach 464.7 million barrels for the week ended April 3, surpassing analyst expectations of a 600,000-barrel increase and sitting approximately 2% above the five-year average. Conversely, stockpiles of refined products declined; gasoline and diesel inventories both fell during this period. Additionally, domestic crude oil production saw a slight decrease, dropping by 61,000 barrels per day to 13.6 million barrels daily. This report highlights a divergence between rising raw material storage and falling demand or consumption for key fuel types.
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U.S. Crude Oil Stockpiles Rise for Seventh Straight Week
According to data released Wednesday by the U.S. Energy Information Administration (EIA), commercial crude oil inventories in the United States increased for a seventh consecutive week. Stocks excluding the Strategic Petroleum Reserve rose by 3.1 million barrels to reach 464.7 million barrels for the week ended April 3, surpassing analyst expectations of a 600,000-barrel increase and sitting approximately 2% above the five-year average. Conversely, stockpiles of refined products declined; gasoline and diesel inventories both fell during this period. Additionally, domestic crude oil production saw a slight decrease, dropping by 61,000 barrels per day to 13.6 million barrels daily. This report highlights a divergence between rising raw material storage and falling demand or consumption for key fuel types.
WSJ.com: US Business